Crypto research and portfolio tracker, CoinStats, raised $3.2 million in the latest funding round led by Alex Pack’s Hack VC. Other participants also included a myriad of other funds, including Mike Dudas’s 6th Man Ventures.
The funding will be deployed to develop new features to expand DeFi to millions of users.
CoinStats’ DeFi Expansion
As per the press release shared with CryptoPotato, CoinStats plans to allow its users to join decentralized finance (DeFi) protocols and directly allocate funds to earn yield via the app.
This move would position CoinStats as a DeFi aggregator and help accelerate DeFi to the mainstream, the PR asserted. The space remains relatively niche in terms of the number of users, even as it continues to capture billions from high net worth individuals.
Following the development, Narek Gevorgyan, CoinStats’ Founder and CEO, commented,
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“With the new funds, we will expedite our product development and growth delivering better financial products to our users. I immensely value the input and support of our investors, their belief in CoinStats’ vision propels us forward.”
The portfolio manager reportedly expanded its user base by 8x in 2021 to reach 1.2 million monthly active ones. Over the same period, it cumulatively tracked $500 billion worth of assets. As a result, CoinStats’ revenue amplified by six times in 2021. With fresh capital infusion, the platform aims to bring integrated DeFi features to its users.
Alex Pack, Founder of Hack VC, also stated,
“We’re proud to back CoinStats, the largest crypto portfolio manager app in the world. Crypto is the first truly new asset class in over a century and it is diverse, with thousands of tokens, NFTs, and dozens of DeFi applications and other DApps where investors can use their tokens. CoinStats has built the essential infrastructure to allow users to truly track what they do with their crypto
Pre-seed Funding Round
A year ago, CoinStats announced raising $1.2 million in the pre-seed round of funding. Investors participating in the event included Imperii Capital, Stefan Cohen, and Jonathan Weiner.
The platform revealed earlier that it will focus on ramping up existing products and services as well as building new features to provide more accessibility in managing digital assets for its user base.
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